CUNA and other trade organizations highlighted what data breach legislation should look like to leadership of the House Energy and Commerce Committee this week in response to a request for comments on such legislation. CUNA supports strong national data security and breach notification requirements.
“Any legislation enacted into law must ensure that all entities that handle consumers’ sensitive financial data have in place a robust--yet flexible and scalable--process to protect data, which must be coupled with effective oversight and enforcement procedures to ensure accountability and compliance,” the letter reads. “This is an important step to limit the onslaught of breaches and reduce risks to consumers and the significant costs imposed on our members from breaches.
“This standard should apply to all entities that handle sensitive personal and financial data in order to provide meaningful and consistent protection for consumers nationwide,” it adds.
Specifically, CUNA said data breach legislation should: